“About an hour before the House’s expected passage of the new plan, Senate Majority Leader Harry M. Reid (D-Nev.) and his leadership team formally said that they would accept the latest offering from House Speaker John A. Boehner, R-Ohio, in large part because Boehner had dropped his previous demands that every dollar in increased borrowing authority be met with a corresponding dollar in spending cuts.”

The Post adds that if the bill passes the House, as it’s expected to do, the Senate could take up the measure within the next week.

As NPR’s Tamara Keith tells our Newscast Desk, the Republican bill is called the “No Budget, No Pay” act because “in addition to dealing with the debt limit, it would temporarily withhold lawmakers’ pay if their chamber doesn’t pass a budget by the legal deadline of April 15.”